CoreWeave shares jump on AI demand; Citigroup upgrades rating

AI cloud computing firm CoreWeave CRWV.O shares jump 10.5% to $113.7 in early trading

Citigroup upgrades rating to "buy" from "neutral"; says they have a stronger picture on AI demand highlighted by Microsoft MSFT.O results

Brokerage adds that existing multi-year contracts with MSFT, OpenAI and others will drive revenue growth

Wall Street's AI heavyweights fuel $500 bln gain in stock market value with results from MSFT and Meta Platforms META.O showing investments in tech are paying off

Morgan Stanley raises PT on CRWV to $91 from $58; says given the strong demand backdrop, business momentum and impressive Q1 upside, they expect a strong beat

Co closes $2.6 bln secured debt financing, strengthening its market position as AI cloud leader

Average rating of 24 analysts is "hold"; median PT is $80